I never come across a company in my life like these cowboys
My husband & I took a mortgage out with them in nov 05 reccomended by a financial advisor.
We missed 2 payments due to loss of work.
Ther original mortgage amount was £96k & was at a discounted rate for 2 years after the 2 years we where free to change lender.
We have been since dec 07 trying to change lender.they have been so slow in sending relevant paper work & redemption figures to our solicitor.
They have even taken us to court for repossesseion when they know we are moving from them.
These are the redemption figures they have sent:
Balance of mortgage £98,542.39 interest due to settlement date £10,938.09
Early settlement charge £5,766.55
Legal cost for litigation £352.51
Final repayment charge £129.50
Total to repay on settlement date 31/07/08 £ 115.729.04
Daily rate £29.18
An update
We now appear in court regularly..once a month.
The above redemption figures have now all changed & the mortgage balance stands at £110k.
What they have done is taken our mortgage payment & paid it off the arrears instead off the mortgage,so in there eyes we now owe more than 12 months payments.
The judge gave them until the next hearing date to explain what rights they had on doing this.
We received a copy of what they had sent to the courts:
"If a customer is in arrears we will take what necessary payment towards any arrears".
"We then take off any interest owing"
"We take the capital off the balance of the loan outstanding"
ALL IN THAT ORDER.
This is a repayment mortgage,we have been advised that we are actually only paying an interest only mortgage,yet all paperwork state repayment.
Court hearing was 18th Nov,guess what ...they did a no show,leaving the judge fuming as to no explanation.
He adjourned it till next available date & ordered them to pay £50 for my husbands loss of earnings for half a day.
Next hearing date is 4th Dec & they must give full explaination why they did not attend.
I could go forever with regards to this company.
Has anyone else been treated unfairly like we have?
Been to court AGAIN today,was adjourned.
LMC have to explain there negligence & breach of contract.
Judge is appalled,he stated that not one bit of contract made sense & contradicted itself.
I have now been in touch with local & national newspapers, I intend to let the whole of the UK of there dirty tactics.
Is there anyone out there who has been in the same boat & who would be willing to talk to the press?
well done littledotty im also with this lot as well my fixed rate runs out december 09 not sure if i will get another mortgage after that, good luck with your pending battle hope you dont get too stressed at least there are two of you to lean on each other.
I have a question now that the banks have agreed to cutting the mortgage rates and agreeing to give us up to 2 years payment holidays etc what about people who are with sub-prime lenders?
I am also with this cowboy company and they are threatening me with repossesion, i am £3000 in arrears, i've just come off the fixed rate and they say my payments are going to be £1000 per month which there is no way i can pay, obviously i am exremely worried especially as i have a special needs son and 2 other children plus christmas round the corner, it doesn't matter how many times i have tried to sort this all out i keep getting told different things from different people in the firm, plus i have been paying the arrears off at £50 per month but my arrears haven't gone down but when questioned they can't give me a staight answer in fact they give different answers every time i ring, i know this needs sorting especially since i am struggling to make januarys payment, but they are impossible to sort things out they literally do not know what they are doing which doesn't help me or my situation sorry for going on but i could really do with some advice.
cheers lynne
They took almost £20k Erc from me, I only had a mortgage with them for a year.
I am sure there are a great many unhappy ex customers & current customers of this lot. It occurs to me that times must be very difficult for this company (and the likes of Kensington etc). I think they will all be having difficulties and the current proprietors will be looking to sell up. It could be made very difficult for them if all their unhappy customers launched some sort of class action against them. This would have to be disclosed to any prospective purchasers & might cause great difficulties for them. I am sure that there must be a common thread to the way we have all been treated, something around which we could build a case.
We could have a look at all these companies, get as many complainants as possible and see how we could fund something.
They are very vulnerable right now & as Corporal Jones would say, "they dont like it up 'em"
Although I havent a mortgage with this lot. I have tried to claim back my PPI. It went to court yesterday and the case was adjourned by the judge. SPML took over the company I originally had my loan with. The judge said it is so complicated he would advise I think long and hard about taking up the case again and reissuing the N1 as it would get very expensive. Probably due to all of the t/a companies down the line. What a bunch.
I agree with you Dangermouse, maybe if we all got together,something could be done.
Im awaiting my call from ITN on monday,maybe we should all contact ITN,the bigger the story the better.
SPML are quite good at intimidating customers,lets see how they like being intimidated from the press.
If anyone is interested in airing there side of things to the news let me know & I will pass on your details to Chris the specialist editor at ITN.
i think what also needs to be highlighted is their rates.
I am on their svr which is 4.25% plus libor. The only adjustment they make is in line with libor NOT their rate of 4.25%.
Considering all the high street banks are being told to alter their svr why are the sub prime being allowed to keep theirs fixed?
We are the forgotten ones who REALLY need the help as their svr's are already grossly over inflated.
I have been paying 10% for the last three months and have read today that libor is down to 3.3775 so am expecting a letter soon making my rate around 7% (still way above the other banks!)
ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE either SPML/PML/LMC/SPPL; the following are DIRECT tel#s, of the investigating & prosecuting organisations:
DO NOT say you are from CAG-only directly affected or a concerned citizen. 1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633 2. CH : Lee Jenkins(prosecuting Amany Attia for SPML/PML) @ 02920 380 643 3. CH : Mark Youde(accounts compliance) @ 02920 380 955 4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108 (part of the Insolvency Service) investigating all the Lehman lenders 5. CIB : Jeremy Pilcher('unofficial'-consumer/company law) : @ 0207 637 6231
__________________ File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!
Probably a silly question. Bt has anyone approached the likes of SPML, Kensington etc. and asked if they are planning to sign up to the government's scheme.
I think this will answer your question dangermouse.
It is from an article in todays Times
Louise Cuming, the head of mortgages at moneysupermarket.com, the comparison website, said: “The list of criteria that must be fulfilled before borrowers are even considered means that few will qualify and even fewer will actually be granted assistance due to the fact it is voluntary on behalf of the lenders, who have only signed up ‘in principle'.”
It is also estimated that sub-prime lenders, who are considered to be responsible for approximately half of all repossessions, will not join the scheme.
Ray Boulger, of the mortgage broker John Charcol, said: “Sub-prime lenders will certainly not be signing up to this deal. This scheme has all the hallmarks of a plan that has been cobbled together at the last minute
Iv had some awful problems with SPLM London mortgage. We have now paid them. I am going for the PPI they pu on without us knowing.
If people do lose there houses through the current climate, and they have to either sell or repossed then LMC also get they ERC, which they would'nt have got if the loan/mortgage was aloud to continue and finish as normal. They put so much pressure on us to sell, in the end when the final statement came through we were actually made to pay £12.000 more and this did not include any payments that were outstanding.
It seems that they make people lose ther homes dilibratly so that the can add all the extras on and make extra money.
They make my blood boil. I hope they get there cunupance very soon.
Just to let you know that SPML is the special purpose vehicle company (SPV) behind Lehman Brothers investment bank. As you probably know Lehman's went belly up a few months ago.
The real drive behind the excessive interest rates and the problems you are facing, most likely has more to do with the Lehman Brothers securitisation of your mortgages. Because the SPV has to suck in all the cash it can (which you guys have to stomp up) to pay for the liquidation. The SPV investors want their cash now. That's why the pressure is on you.
These securitisation companies are now in the repossession business (as contrasted with the mortgage business). Thus, they will force you into 'alleged' arrears through excessive charges and then repossess your home. The public need to get wised up to what has really happened to their mortgages and need to understand that what's happening is the result of your mortgages having been securitised.
You will find that SPML is nothing more than a shell company that holds the assets, i.e. your mortgage contracts which is the assets. SPML most likely has no employees and the director's of SPML are most likely just companies, rather than an real person. You can find out exactly who SPML are through the Companies House web-site.
SPML will probably have contracted with a company to do the administration of your mortgages. So whilst you are led to believe that you are receiving letters from SPML, the author of those letters is more likely to be another company that administrates the mortgages on behalf of SPML.
If you really want to know what has happened to your mortgages, and what is really going on behind the scenes, the way to find out is to go to the FSA where the UK Listing Authority public records are held. Get the Prospectus which covers the securitisation of your mortgage. You will then find out exactly what has happened to your mortgages, and just how many financial institutions are really grabbing cash off you. You will be astonished.
For those of you who are interested, the following is a basic outline of a general securitisation structure:
Last edited by supersleuth; 24th March 2009 at 12:25.
Reason: copy and paste of securisation structure unreadable
You're right...and did you notice that the 'Type' of business is listed at Companies House as 'Other financial intermediation'. Which means it's a middle man. It's not in the mortgage business. It is an intermediator.
The accounts that were filed to year end 2006, will still give you the flavour of how they are abusing the borrowers. They'll most likely have boasted and bigged themselves up about how much money their striping off the borrowers.
My mortgage is not with SPML, but I have done a lot of research into this issue and the basic abuses perpetrated against mortgage borrowers is generally the same whoever is behind the securitisation. I was definitely being overcharged. That is, being charged interest over and above my legal contractual obligations and the upshot is: they dictate - you pay, or else you get repossessed. It matter not to them, that they are not entitled to the payments they are asking for. The point to them is - you signed, and as such, you are their financial slave.
I'm fighting, but in order to fight it, you've got to know who it is that really driving the show. It's not necessarily the person from whom you get your letters. Your mortgage has been - mortgaged - the entity that mortgaged your mortgage, together with the entity that owns the mortgage on your mortgage, are the entities that are really behind your mortgage.
This may all sound complicated, but it really isn't. It just seems complicated because hitherto, everything has been concealed from you. So shead some light on what's really going on with your mortgage and shed some light on who really owns it, and shed the light on what they've done with your mortgage, then all will be revealed. It's very easy. It's nothing more complicated than plain old greed for money.
Last edited by supersleuth; 11th December 2008 at 11:50.
Spml/london Mortgage Company
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